Germany continues to rank first as the most favorable economy for the development of cryptocurrencies and blockchain technology this third quarter.
The Federal Republic of Germany tops the list this quarter as the largest crypto economy in the world, according to the ranking carried out by the Coincub platform.
In your report Q3 2022 Global Crypto RankingThe platform analyzes the regulatory, socioeconomic and environmental conditions of 61 countries, such as government regulation and tax rules, financial infrastructure, public interest in Bitcoin and crypto assets, cryptocurrency education, proliferation of crypto businesses, ATMs and organizations, trading volume, fraud cases and environmental protections.
All of these factors were considered essential for the development of the crypto industry and for determining which is the most crypto-friendly country in the world.
From this analysis it emerged that Germany is the country with the best and most positive outlook for cryptocurrencies and digital assets. The country has taken an early and positive stance on the crypto industry and has positioned itself as one of the strongest “traditional tax” economies for the same.
Germany is the strongest economy for the development of the crypto industry
One of the conditions that has led Germany to once again lead the list of the world's leading crypto economies is its tax and savings policy towards long-term investment in cryptocurrencies.
According to Coincub, Germany has been clarifying its government and tax policies to deal with the crypto-asset phenomenon since its early days, leading some of the country’s largest and most respected financial institutions to fully engage in the crypto industry.
Source: Coincub
In April, Coincub had already pointed out that Germany was The most cryptocurrency-friendly country, highlighting his Recognition and use of digital assets as a means of payment and Integration of various crypto-based investment products into major exchanges of the country, which has further encouraged the use and adoption of these digital assets.
Also, in 2020, the German government started a technological modernization strategy involving blockchain technology for Tokenizing Securities on the Blockchain, in order to bring the innovation of the new industry closer to the traditional financial system. Also, in May of this year, Germany published its First tax treatment document for cryptocurrencies, informing the holders of these digital assets that it will allow the Tax-free sale of crypto assets after one year of ownership, even if these have been used for staking.
United States in seventh place
The United States, the country with the largest number of cryptocurrency ATMs, has fallen to the 7th position among the most favorable crypto economies in the world.
Source: Coincub
Although the country remains one of the most prominent cryptocurrency players, Coincub analysts believe that cryptocurrency tax policies in the United States are quite onerous and do not offer any particular form of incentive for investors of these digital assets.
However, the platform recognizes its leadership as the first country to authorize the integration of cryptocurrencies into retirement plans, as well as the authorization of around 100 crypto-related companies this quarter; which represents around 370% more than other nations such as the United Kingdom and Singapore, which have authorized between 21 and 13 crypto companies, respectively, during the same period.
On the other hand, the United States also has one of the populations most interested in Bitcoin and crypto assets, ranking as the second country with the largest number of crypto investors after Vietnam. Currently, about 46 million people in the United States own cryptocurrencies, which represents 13,7% of the country's total population.
Other classifications in the Coincub report
The Coincub report also highlighted the efforts other countries have made to lead the development of cryptocurrencies in recent years. In this way, we have El Salvador as the first country to declare Bitcoin legal tender.
Nigeria and Central African Republic top the list in terms of Google search interest for cryptocurrencies. Both countries have populations that are quite eager to learn more about cryptocurrencies, the report said.
Source: Coincub
On the other hand, Liechtenstein, Netherlands, Switzerland y Austria are classified as tax havens for cryptocurrencies, while in Slovenia, Bermuda y Türkiye interest and adoption of cryptocurrencies is growing among their populations.
Spain It is the third country with the largest number of cryptocurrency ATMs and China tops the list of countries that ban cryptocurrencies, maintaining a total ban on trading in cryptoassets and the purchase of goods and products with this asset class.
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